Many complex contradictions, pointing to a bumpy road ahead for policy implementation.
Chinese officials acknowledged on Friday that a sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained “many complex contradictions, pointing to a bumpy road ahead for policy implementation.
Following a four-day, closed-door meeting led by President Xi Jinping, which takes place around once every five years, officials made a raft of pledges, including modernising the industrial complex while curbing debt risks. China will hasten work on restructuring its property industry to stamp out previous features such as high debt, turnover, and leverage, Deputy Director of the Office of the Central Financial and Economic Affairs Commission Han Wenxiu said at a news conference.
He added that it is necessary to establish a basic system of financing, taxation, and land sales compatible with the development of real estate. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
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